Diversified Energy (NYSE:DEC) Trading 4.9% Higher – Here’s Why

Shares of Diversified Energy Company PLC (NYSE:DEC) shot up 4.9% on Wednesday . The stock traded as high as $11.80 and last traded at $11.77. 272,548 shares traded hands during trading, a decline of 22% from the average session volume of 351,087 shares. The stock had previously closed at $11.22.

Wall Street Analyst Weigh In

DEC has been the subject of several recent analyst reports. KeyCorp increased their price target on Diversified Energy from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. Truist Financial raised their target price on shares of Diversified Energy from $21.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Mizuho began coverage on shares of Diversified Energy in a report on Thursday, April 10th. They issued an “outperform” rating and a $23.00 price target for the company.

Diversified Energy Stock Performance

The business has a 50-day simple moving average of $13.24 and a two-hundred day simple moving average of $14.20.

Diversified Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, May 30th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.16 annualized dividend and a yield of 9.89%.

Institutional Investors Weigh In On Diversified Energy

Several large investors have recently made changes to their positions in DEC. Vanguard Group Inc. raised its position in Diversified Energy by 20.4% during the fourth quarter. Vanguard Group Inc. now owns 2,768,108 shares of the company’s stock worth $46,319,000 after acquiring an additional 468,312 shares in the last quarter. State Street Corp raised its holdings in shares of Diversified Energy by 42.4% in the 3rd quarter. State Street Corp now owns 552,844 shares of the company’s stock valued at $6,291,000 after purchasing an additional 164,728 shares during the period. Barclays PLC lifted its stake in Diversified Energy by 166.9% in the 3rd quarter. Barclays PLC now owns 516,535 shares of the company’s stock valued at $5,876,000 after purchasing an additional 322,986 shares during the last quarter. Balyasny Asset Management L.P. grew its holdings in Diversified Energy by 112.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 384,689 shares of the company’s stock worth $6,463,000 after purchasing an additional 203,700 shares during the period. Finally, Woodline Partners LP acquired a new position in Diversified Energy during the fourth quarter worth approximately $6,274,000. Institutional investors and hedge funds own 26.51% of the company’s stock.

About Diversified Energy

Diversified Energy Company PLC operates as an independent owner and operator of producing natural gas and oil wells primarily in the Appalachian Basin of the United States. The company is involved in the production, marketing, and transportation of natural gas, natural gas liquids, crude oil, and condensates.